Artificial Intelligence – The Future of Modern Banking
Businesses in other sectors such as retail have started to adopt emerging and disruptive technologies into their practices, however the financial industry seems to be lagging behind. With the paradigm shift in regards to delivering optimized services, incorporating chatbots in mobile apps is an emerging technological trend that brings sophistication and engagement to the table. It comes to no surprise that in this generation influenced by technology, chatbots has made great strides towards utility.
How can chatbots take on the role as a bank teller and as an advisor?
Primarily, they can be capitalized through the interaction with customers pertaining transactions, money management, and financial assistance. As chatbots are also notable for problem solving, they also have the ability to sort out predicaments to bank related issues. As a potential banking solution, chatbots can be highly engaging in a way that can assist users with their finances highlighted through beneficial ways:
- Implementing 24/7 availability, chatbots can readily respond to financial inquiries such as guidelines on how to apply for insurance, how to invest money, and how to pay off bills. In terms of insurance, chatbots can provide several options that are best suited for a user’s coverage needs.
- Notifies users about their spending habits and provides effective guidelines on how to save money. Financial chatbots also monitors their expenses for a better understanding about a user’s financial status.
- Enables users to sign up for insurance plans as well as setting up a savings account.
- Automates budget plans so users can manage their money more efficiently.
- Displays transaction history and allows users to initiate money transactions. When transferring money, chatbots will be implemented with a protocol that ensures state-of-the-art security measures.
- Provides educational content that could help users reach better financial decisions.
- Delivers effective problem solving skills by providing solutions to common issues such as a missing debit/credit card, unexplained fee payments, or fraud. Financial chatbots can develop an ability to cancel any transactions, therefore giving back the money you deserve.
Chatbots in the financial sector requires more attention to keep the margin of error zero. The risks are much higher as people’s money is at stake. Furthermore, app development companies should focus on creating chatbots with a solid infrastructure with emphasis on user experience to efficiently meet the user’s’ needs. The financial market never sleeps. With the addition of chatbots, financial institutions will seamlessly provide enriched service to their customers